ATO data analysis has revealed that over 16,500 self-managed superannuation funds (SMSFs) have reported assets that have had the same value for three consecutive years. With many of these assets residential or commercial Australian property,…
Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of…
We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its…
COVID-19 has had an impact on many SMSFs. We look at the key issues. Early release of superannuation When a member of your fund wants to access up to $10,000 of their superannuation early under…
The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is concerned that, “a lack of…
The cash sitting in your superannuation fund can be tempting, particularly if you are short of cash. But, the reality is there are very few ways you can take advantage of your superannuation once it…
Former Prime Minister Paul Keating recently suggested that Self-Managed Superannuation Funds (SMSF) should be restricted from investing in residential property. Mr Keating told the Financial Review, “If I was treasurer today, I would be looking…
From 1 July 2014, superannuation funds receiving contributions for members whose employers have 20 or more employees will need to be ready to receive electronic contribution payments and information under the SuperStream standard. Superannuation funds…
The tax office recently clarified what happens when the trustees fail to pay the minimum pension for a member for the financial year. Where this occurs, the pension is considered to cease from the START…
